Fitch: Armenia's economy highly dependent on Russia

The Armenian economy will continue to be heavily dependent on Russia for the foreseeable future, the credit rating agency Fitch said in a review.

"Armenia's economy is highly dependent on Russia for trade and energy, and Fitch does not expect meaningful diversification away from Russia in the near term," the agency said, per Caliber.Az.

Fitch noted that Russian-Armenian trade has increased dramatically since the start of Russia’s war against Ukraine

The agency added that Armenia continues to implement Western sanctions targeted at Russian entities within its banking sector. Nevertheless, goods exports to Russia increased by nearly 300 per cent since 2021, and Russia accounted for 51 per cent of exports and 30 per cent of imports in 1Q-3Q23.